Using a whisk, in a bowl combine all ingredients and mix well.
When smooth and combined, cover and refrigerate overnight to let all of the flavors blend. This will not taste the same if you do not let sit overnight.
Bring to room temperature before serving. You can use chilled sauce, but to me it is better room temp.
* NOTES *
If you try to substitute ketchup for tomato paste it will not turn out right. The water is needed to make right consistency. If you use ketchup it has sugar and water in it and will throw off the whole recipe.
Hellman's Mayo is the best I have tried for my recipes calling for good mayo. If you use cheap mayo it tends to make this have to much of a mayonnaise taste instead of the sauce flavor.
Keeps for awhile in a air tight container such as Tupper wear. I would say 7 - 10 days? It usually only last a few days here with my family :)